South Africa has topped the pedestal of being a “cheapest country” in the world to live, according to a 2016 report.

GoBankingRates generated the data, which compared the fiscal strength and cost of living of different countries.

Th data was taken from Numbeo – the largest database of cities and countries worldwide. The study analysed the cost indicators of the top cities across 112 nations.

The database generated a typical cost index for the country, using median cost indicators of the cities.

The study compared the prices and cost of living with New York City. It shows that local purchasing power in South Africa is 26.9% higher; Rent is 87.5% cheaper; Groceries are 71% cheaper ;Local goods and services are 65.8% cheaper.

“South Africa is the cheapest country to live or retire. It’s also the world’s largest producer of platinum, gold and chromium, which goes far to enrich the country and its economy.” said GoBanking Rates in a report by Traveller 24.

In Cape Town, the monthly expenses are under R6 200 (from $400 at R15.31/$1). For example, the average rent of a one-bedroom in Durban is around R4 200 (from $280) a month.

“You have to work less here for a loaf of bread in minutes than you would in London. We’ve got to appreciate that we’ve done pretty well. The problem with South Africans is we like to believe our own negativity and we keep telling people how poor we are” said an analyst Mike Schussler in a report by East Cost Radio.

“The fact of the matter is that we are on the better side of most things and we are on the cheaper side of most things. We keep forgetting that,” he added.

India holds the crown of second-cheapest country in the world.

Other top 10 cheapest countries are:Kosovo, Saudi Arabia, Kazakhstan, Zambia, Oman, Paraguay, Czech Republic and Macedonia.